Moody’s revises Artemis view to positive

Moody's Investors Service said it revised its outlook for Artemis Midco (UK) Ltd., the parent of Partner in Pet Food, and Artemis Acquisitions (UK) Ltd. to positive from stable. The agency also affirmed their ratings, including the B3 ratings on the €480 million backed senior secured term loan B and the €62 million backed senior secured revolving credit facility borrowed by Artemis Acquisitions.

"The outlook revision to positive from stable reflects the company's strong improvement in operating performance and its rapid deleveraging over the last year, on the back of pricing actions to offset higher input costs and greater focus on more profitable products," said Valentino Balletta, a Moody's analyst and lead analyst for PPF, in a press release.

"Success in demonstrating continued earnings growth, sustained improvement in credit metrics, and in addressing its refinancing requirements in due course could result in a rating upgrade," Balletta added.

Moody’s noted PPF’s debt/EBITDA (on a Moody's adjusted basis) decreased to 5x in the last 12 months as of September from 7.6x at the end of 2022.

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